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Legal Requirements: Foreigners can buy property in the Dominican Republic without any restrictions. The government allows full property ownership, known as “fee simple.” It’s essential to ensure that your real estate transaction complies with Dominican Republic’s laws and regulations.
Title Search: Conduct a title search to verify the property’s ownership and any existing liens or encumbrances. This is typically done through a lawyer or a title company.
Hire a Real Estate Attorney: It is highly recommended to hire a local attorney who is knowledgeable about Dominican real estate laws and practices. They can help you navigate the legal requirements, contracts, and protect your interests.
Deposit and Sales Agreement: Once you find a property you want to buy, you’ll need to make a deposit and sign a purchase agreement. This agreement outlines the terms of the transaction, including the price, payment schedule, and any contingencies.
Due Diligence: During this period, your attorney will conduct a thorough due diligence process, including verifying the property’s legal status, permits, and other documentation.
Closing Costs: Be prepared for various closing costs, which can include property transfer taxes, notary fees, and registration fees. These costs can vary, so it’s important to budget for them.
Financing: Some banks in the Dominican Republic offer mortgage loans to foreigners, but the terms and interest rates may not be as favorable as those available to residents. You may also consider financing options available in your home country.
Property Titles: The most common type of property title is known as “Deslinde.” This title certifies that the property has been officially surveyed and demarcated. However, there are other title types, so it’s important to understand what you’re purchasing.
Residency: Buying property in the Dominican Republic does not automatically grant you residency. If you plan to reside in the country, you’ll need to apply for the appropriate residency status through the Dominican immigration authorities.
Title Transfer: After the closing, the property title will be transferred to your name, and the property will be registered with the local property registry.
Residency Status: Buying property in the Dominican Republic does not automatically grant you residency. If you wish to become a resident, there are separate procedures to follow.
Fritz Cana Real Estate is a comprehensive real estate company that offers assistance in navigating the purchasing and investment process. We provide a wide range of resources to help our clients make informed decisions, including referrals for legal and interior design services, as well as access to trusted contractors. With our expertise and guidance, clients can feel confident in their real estate transactions and investments. Whether you’re a first-time homebuyer or an experienced investor, Fritz Cana Real Estate can help you achieve your goals with ease.